The rush towards international CBD collaborations continues this morning as Cronos Group Inc. (NASDAQ: CRON; TSX: CRON) closes on the previously announced acquisition deal with four subsidiaries of Redwood Holding Group, LLC.
That line includes products such as the 1,000 mg Royal Oil that sells for $100 a bottle, as well as a broad range of CBD-infused skincare products, bath salts, gummy confections, and gift sets. Redwood’s CBD offerings notably include a number of chews made from dark chocolate, which is a rarity in the current U.S. market.
Commenting on the finalized buyout of Robert Rosenheck and Cindy Capobianco’s flagship Lord Jones brand, Cronos Group CEO Mike Gorenstein had this to say:
With Redwood officially under the company banner, Cronos now operates hemp or cannabis-based businesses on five continents through brands such as Peace Naturals medical cannabis and Cove branded recreational strains.
In addition to grow operations and direct sales on an international scale, the company also recently launched a research and development initiative in Israel focused on vaporizer products.
On the heels of completing the Redwood acquisition deal, Gorenstein will also appear at the Barclays Global Consumer Staples Conference in Boston today, Sept. 5. That presentation will be recorded and made available for shareholders to view through the Cronos Group investor portal.
In other recent company news, Cronos Group just announced it will lend a $100 million secured non-revolving term loan credit facility to Cronos Growing Company Inc.
That fundraising opportunity will be utilized to build a new indoor greenhouse, with the credit facility due to mature in March of 2031. Cronos Growing Company is a new 50/50 joint venture between Cronos Group and the Greenhouse Partners investor group.